These days, as demand heightens in the real estate market, housing prices also continue to soar. This drives a lot of homebuyers to compromise on specific factors and characteristics of their dream house such as its architectural design, number of rooms, and location. If you are planning to purchase a house for the first time, you may also be compelled to give up certain features.
However, the question is, do you really have to? There are several ways to attain a house that fully suits your needs and preferences without having to pay an extremely hefty sum.
Remodelling vs. Buying
Buying a new house is not your only option for acquiring a residential property. It’s more cost-effective to purchase an old, pre-owned home and have it majorly remodelled. The total cost of remodelling a house with multiple rooms can range between the amount of $18,419 and $75,128. In comparison, Sheryl Nance-Nash of Reader’s Digest reports that the national median price of a new home in the U.S. is $218,000. By remodelling an old structure, you can tailor-fit it to your desired appearance and even adjust the spatial distribution of the rooms for a fraction of the cost of buying a new house.
To help you get started, we’ll provide a basic home remodelling guide you can take note of.
Compute the Projected Costs
First, you must assess your needs and set your priorities. This will enable you to allocate your budget wisely. For example, do you put a higher value on a well-designed kitchen than a glitzy living room? Then it’s reasonable to spend more on enhancing the kitchen rather than the receiving area. Knowing what you want allows you to determine where to designate certain portions of your project funds.
It’s also vital to remember that when you establish a budget, it’s always safer to allocate at least an additional 10% of the sum so you can be financially prepared for some unexpected expenses.
Hire a Reliable Team
Months before the actual remodelling, it’s ideal to already start looking for a contractor. Do your research and ask for free quotes. You should also verify the team’s qualifications and their company’s legal compliance with industrial standards and regulations.
Additionally, be sure to sign all contracts and documents which indicate the coverage of your contractor’s services so when problems arise during the remodelling project, they can easily be resolved by checking with the provisions and specifications defined in the contracts.
Ensure Legal Compliance
Some states require obtaining building permits for remodelling projects that are quite massive. For example, if you have to demolish the structure for building a new house frame, tear down walls for the door and window instalments, or add a home extension. Identify the regulations being implemented in your city.
Purchase the Building Materials
Ask your construction team to assist you with purchasing the materials since they are more knowledgeable about the necessary characteristics and sizes of items like lumber, concrete, and steel.
As for prefabricated components, you can also ask the team for help since they usually have connections with manufacturers and suppliers. Thus, you have a chance of getting materials at a better price. However, if you prefer to shop around on your own, visiting online stores is a good way to start. Check out shops like Window Mart for high-quality windows and doors that are reasonably priced. If you’re unsure about the items, you can always refer to their comprehensive product guide or simply send an inquiry.
Acquiring a beautiful home doesn’t have to entail a financially straining purchase. By opting to remodel an old house, you can cut down costs and still achieve the aesthetics that you desire.